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Bentley says 'emotional sensitivity' slowed sales in 2023

LONDON — British luxury carmaker Bentley on Tuesday reported a lower operating profit for 2023 after a weak economy and high interest rates hit sales, but the company said its performance had stabilized and new launches would boost it in 2024. "We had an uneven performance for the first time in about four years," CEO Adrian Hallmark told reporters. "Even though our customers can still afford our cars... there was a level of emotional sensitivity that slowed down demand." For those who leased rather than bought cars with a starting pre-tax price above 220,000 euros ($238,590), interest rates had led to a tripling in monthly fees last year, Hallmark said. He said the launch of four high-performance hybrids this year should spur sales as the company gears up to launch its first fully electric Bentley in 2026. Bentley is aiming for an all-electric model lineup by 2030, but Hallmark said its hybrids were likely to be on sale after that deadline as the company seeks to ensure a return on its substantial investment. The luxury automaker in January reported an 11% drop in sales for 2023 following a record year in 2022. The British luxury unit of Volkswagen posted an operating profit of 589 million pounds ($748 million) for 2023, down nearly 17% from 708 million pounds in 2022. Revenue was down 13% at 2.94 billion pounds from a year earlier and the company said its profit margin dropped to 20.1% from 20.9% in 2022 because of investments in new vehicles. Earnings/Financials Green Bentley Luxury

Ford GT Mk II at Goodwood, Bentley EXP 100 GT concept EV and driving the Hyundai Veloster N | Autoblog Podcast #588

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Associate Editor Joel Stocksdale. To kick things off, they talk about driving the Porsche Cayenne S, Hyundai Veloster N and Nissan Armada. Then they recap the Goodwood Festival of Speed, including the Ford GT Mk II that debuted there. Next up is news: the Bentley EXP 100 GT electric concept car, Ford canceling diesel for the Transit Connect and Elon Musk dismissing talk of a refresh for the Model S and Model X. Finally, they take to Reddit to help pick between a 2016 Audi S3 and a 2017 Alfa Romeo Giulia. Autoblog Podcast #588 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: 2019 Porsche Cayenne S 2020 Hyundai Veloster N 2019 Nissan Armada Ford GT Mk II debuts at Goodwood, and other impressions from the event Bentley unveils EXP 100 GT electric concept car Ford cancels diesel engine for Transit Connect Tesla Model S and X wonÂ’t get a refresh Spend My Money: Audi or Alfa? Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:    

Bentley designer says electric Bentley coming ‘not so far in the future’

Bentley lead designer Stefan Sielaff told Auto Express, "A full electric Bentley is something I am extremely convinced we have to do." He essentially confirms a Bentley EV by saying, "It will happen not so far in the future." We can look at the designer's comments as a near-final declaration on an undertaking the English carmaker's been considering for the past few years. Don't look for a production run of the EXP 12 6e concept shown at last year's Geneva Motor Show, though. Based on Sielaff's comments and a process of elimination, AE expects an electric four-door coupe. Instead of the PPE electric architecture Porsche and Audi are developing, Bentley would use the J1 architecture beneath the Mission E. The most powerful Mission E trim should put out close to 700 horsepower, a proper figure to begin discussions concerning an offering from The Flying B. A report from two years ago said a larger, 115-kW battery supplying two 375-horsepower motors in back and a 186-motor in front would give 936 hp and a potential 500-mile range. Beyond that, insiders supposedly spoke of a 150-kW battery to come in 2022, which would bring with it astronomical numbers. When asked what kind of vehicle Sielaff had in mind, the designer said he envisioned "a completely fresh and new development" that is "not imitating another concept." The alternative propulsion, Sielaff said, would give him and his team "a great chance to establish a completely new design language for the company." His ideal chariot would have four or five seats, "the possibility to carry a little bit of luggage," "a certain coupe style or sportivity," and definitely not an SUV. Those are about all the words one would use to describe a four-door coupe without saying the words "four-door coupe." Before the recent executive shuffle, previous brand CEO Wolfgang Durheimer told AE he expected a company EV to get around 600 hp and travel up to 310 miles on a charge. Wireless charging would be a major consideration as well, since grubby charging plugs don't mix well with white gloves. New brand boss Adrian Hallmark was told to invest in the brand instead of focusing exclusively on the numbers, and the EV initiative is about recasting Bentley as a luxury and technology brand, and appealing to younger customers. The next-generation Continental GT will get a PHEV drivetrain, and the Crewe manufacturer plans to have its entire range electrified by 2025.